Precious Metals Slump: Silver Drops 8%, Gold Falls 2% Amid Dollar Resurgence

Peter Schiff, a well-known precious metals advocate, sees the recent slump in gold and silver prices as a 'great buying opportunity'. On Tuesday, May 15, 2026, spot gold traded 2% lower at $4,558.6 an ounce, while spot silver crashed more than 8% to $76.7 an ounce.

The decline came amid a resurgent U.S. dollar, higher bond yields, rising oil prices, and growing expectations of an inflation-driven rate hike. Brent oil futures for July 2026 deliveries jumped 3.3% to $109 per barrel, while the 10-year Treasury yield hovered around 4.57%. West Texas Intermediate (WTI) futures climbed 3.6% to $104.8 a barrel.

Ole Hansen, Head of Commodity Strategy at Saxo Bank, warned that gold needs to hold above $4,500 to avoid renewed focus on the 200-day moving average near $4,340.